OurMoneyMarket works differently from a traditional bank. It is a marketplace lending service which connects borrowers looking for car loans to retail and wholesale investors who want to receive interest from their funds.
OurMoneyMarket is an online-only operation, which means it doesn’t have branches. You can apply for loans online, however you can also call its customer service line if you need help.
OurMoneyMarket car loan repayment calculator
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Pros and cons
- Fixed rate interest
- No ongoing account-keeping fees
- No early repayment or exit fees
- No secured loans available
- No variable-rate loans
- No branches
- Establishment fee charged
Features of an OurMoneyMarket car loan
OurMoneyMarket offers borrowers access to fixed-rate unsecured car loans to purchase new or used vehicles.
OurMoneyMarket car loans are available for loan terms of three, five and seven years, and borrowers can apply to take out a loan between $5,000 and $35,000. You can choose between weekly, fortnightly or monthly repayments.
Different people may get different interest rates at OurMoneyMarket. This is because it assesses borrowers on their credit history, employment status, cash flow and loan amount.
OurMoneyMarket car loans don’t charge ongoing fees or early payout fees, however borrowers will need to pay an establishment fee.
OurMoneyMarket car loans – customer service
OurMoneyMarket doesn’t have any branches, so everything is done online. You can contact them via email or over the phone:
- Phone, Monday to Friday, 8:00am – 9:00pm (CST) and on weekends, 9:00am – 5:00pm (CST)
Who is eligible for an OurMoneyMarket car loan?
To be eligible for an OurMoneyMarket car loan you’ll need to meet the following criteria:
- Be 18 years or older
- Be an Australian citizen or permanent resident
- Have a minimum annual income of at least $25,000 before tax
- Have an acceptable credit record
- Not in financial hardship with another lender
- Have no undischarged bankruptcy listings on your credit file
How to apply for an OurMoneyMarket car loan?
Borrowers can apply online for an OurMoneyMarket car loan through their website. The application process involves the following steps:
- Click ‘Apply now’ to get your interest rate estimate in five minutes – this will not affect your credit score.
- If you want to proceed with the quoted interest rate, finalise and submit your car loan application.
- If you qualify, you may receive your conditional approval in a minute. This will depend on whether OurMoneyMarket can verify your details provided in the application.
- Your loan will then be listed on the OurMoneyMarket marketplace. Investors may choose to fund your loan and it may take up to 14 days to get a response from investors.
- If an investor chooses to fund your loan, you may get your funds within 24 business hours, or up to three working days.
OurMoneyMarket car loans review
OurMoneyMarket could be a potential option for those not wanting to, or not able to, take out a loan with a traditional bank.
All OurMoneyMarket car loans are unsecured, which means borrowers don’t need to provide security.
Not everyone will get the same interest rate at OurMoneyMarket. Creditworthy borrowers may get lower interest rates, while those with poorer credit records may get a higher rate. However, a borrower who might not be able to get a loan at a big bank may be approved at OurMoneyMarket. This depends on whether the investor is comfortable with the level of risk a borrower might present.
Depending on your credit history, this personal loan may not offer the most competitive interest rates.
OurMoneyMarket car loans don’t come with any ongoing account-keeping fees or early repayment fees. Borrowers pay a one-off establishment fee, which is added to the loan amount.
Depending on the car loan you pick, the total cost of vehicle car purchase could vary greatly, so it’s wise to shop around. Always do your research before applying for any personal loan.
Learn more about OurMoneyMarket
Where can I get a student car loan?
Student car loans are not a necessarily a product in and of themselves, but what you may be looking for is a guarantor car loan.
A guarantor car loan has a third-party act as a form of guarantee for your loan application, telling the bank or lender that if you default on your loan, someone will pay the loan repayments.
Going guarantor on a car loan is no new thing, and before internet-based credit scores, guarantor car loan applicants would apply for loans with a guarantor or property owner who could vouch for the person borrowing the loan.
To get a guarantor car loan, you’ll need someone willing to act as a guarantor for your car loan.
Can I get a no credit check car loan?
You may be able to get a no credit check car loan in certain circumstances, although it’s important to weigh up your options before doing so.
Most lenders refuse to provide no credit check car loans, because they don’t want to give loans to borrowers without first confirming that they have a track record of repaying debts. So any lenders that do provide no credit check car loans would take measures to protect themselves against the risk of default.
That’s why no credit check car loans have higher interest rates than other car loans. Also, borrowers often have to provide security and put down a larger deposit.
Can I get a discounted student car loan?
Being a student is tough enough, and while you might find the odd student discount on movies and technology, the same can’t be said about car loans, as you can’t really get a discounted student car loan.
Lenders make money on the interest and fees that they charge with loans, and the lowest interest and fees are given to the most reliable credit holders: people with excellent credit history.
As a student, you are unlikely to have enough on your credit report to warrant an excellent history. There are however, ways of getting a lower interest car loan if you can’t get an interest-free loan from the bank of mum and dad. One way of doing this may be through getting a guarantor car loan, which can get you a secured car loan by setting your parents up as guarantors.
How do you get a car loan?
There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity.
Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance.
What is a guarantor on a car loan?
A guarantor on a car loan is a third party, usually a relative or friend, who guarantees to meet the repayments of a loan for the purchase of a car, if the borrower/owner of the car defaults on the loan.
Guarantor car loans can be useful for people who would otherwise struggle in being accepted for credit to purchase a vehicle. These may include people with bad credit, students and young people who may have no credit history, as well as some pensioners.
Many lenders offer guarantor car loans, guarantor personal loans and guarantor home loans, because of the significantly reduced risk to the lender.
Do I need good credit to get a car loan?
You don’t need good credit to get a car loan, although the worse your credit history, the harder and more expensive it’s likely to be.
Some lenders will do business only with borrowers who have good credit. However, there are other lenders that are willing to offer car loans to borrowers who don’t have good credit. The catch, though, is that they may charge higher interest rates and fees, and also require more paperwork.
If you don’t have good credit and want a car loan immediately, you can search for lenders that work with bad credit borrowers. If you are able to wait, you can work to improve your credit score and then apply for a car loan once you have good credit.
What are the pros and cons of guarantor car loans?
Like all things, there are positives and negatives to guarantor car loans, though one may outweigh the other depending on your needs.
Guarantor car loan pros may include that you’re more likely to be approved for a long if you have no credit or a history with bad credit, that you’re more likely to secure a car loan with a lower interest rate, and that because your guarantor car loan is based on a relationship, you will be more inclined to meet your repayment schedule.
However, there are negatives, as well. Guarantor car loan cons may include leaving a detrimental mark on a personal relationship with added strain if you don’t meet your repayments, and you may take out a loan that you can’t actually afford.
Weighing these pros and cons will give you a greater understanding of whether a guarantor loan is ideal for your circumstances.
What is a bad credit car loan?
A bad credit car loan is a car loan for borrowers who have ‘bad credit’ or a bad credit history.
Some lenders refuse to offer bad credit car loans, because they believe there is an excessive risk that bad credit borrowers will not repay their loans. However, other lenders are willing to provide bad credit car loans.
Generally, these lenders charge higher interest rates for bad credit car loans than ‘prime’ car loans, reflecting the higher level of risk. Bad credit car loans may also have higher fees than prime car loans.
However, the big advantage of a bad credit car loan is that it allows borrowers with bad credit to access finance. Another advantage is that it could help bad credit borrowers improve their credit rating, assuming they make all their repayments on time.
How to find a great car loan
Historically, finding a great car loan would require excess research ranging from visiting an excess of websites or making phone calls, but technology has moved on. Using RateCity, Australia’s leading financial comparison service, you can check out great deals from a range of lenders on the one site.
To start, select the amount you want to borrow and the length of the loan, narrowing your search to show just fixed or variable interest rate results.
Once you’ve indicated your search criteria, you’ll see an immediate list of lenders, ranked by interest rate or application fees. You’ll also be able to view the monthly repayment amount for each result, helping you to know what you can afford.
Up to six products can be compared side-by-side, complete with more information about each car loan, giving you more information about your options.
When comparing your car loan options, it’s ideal to keep in mind some points find a great car loan for your needs. Consider the following:
- Choosing a low interest car loan can reduce costs
- Selecting an option with low fees and charges is ideal, because these can really add up
- Be aware of penalties, such as early exit penalties if you pay off the loan sooner than expected
- Consider the features that best suit your situation
There are many ways to ensure that you get a great car loan. Ultimately, you’ll end up with the best deal by doing your research and selecting the most suitable product for you.
Can I get a car loan with poor credit?
Poor credit doesn’t necessarily mean you won’t be able to get finance for your car purchase, though your options aren’t likely to be the same as someone with good credit.
In fact, a number of specialist lenders exist offering car finance for customers with poor credit, able to provide access to bad credit car loans.
However having a history of poor credit will likely mark you as a potential risk to lenders, so your car financing needs could see higher fees and interest rates. Alternatively, consider a secured car loan, which is a type of loan that uses the car you purchase as collateral, reducing the risk.
Other options include getting someone close to act as a guarantor for your car loan, or to talk to a broker about a personalised rate specific to your circumstances.
Can I get a car loan with bad credit?
Yes, you can get a car loan with bad credit, although you’ll probably find the process trickier and dearer than that experienced by people who have good credit histories.
You can find a number of lenders that specialise in bad credit car loans. However, make sure you compare bad credit car loans before you sign on the dotted line, because not all car loans are alike and having bad credit may mean you are more likely to be hit with higher fees and interest rates.
If you have bad credit, it’s important not to take out a car loan unless you can afford the repayments because a default could further damage your credit rating. Conversely, if you make all the repayments and repay the loan successfully, your credit rating might improve.
What is a dealership?
A dealership is a car yard or a place where cars are sold.
What is dealer finance?
Dealer finance is a car loan organised through a car dealer – as opposed to car loans organised by a finance broker or directly by the lender.
What is CTP insurance?
CTP insurance, also known as compulsory third-party insurance or a green slip, is compulsory if you want to register a vehicle in Australia. If you’re responsible for a car accident, your CTP insurance will be used to pay any compensation due to anyone who might be injured or killed. However, CTP insurance doesn’t cover you for vehicle damage or theft.